From: Michael Perelman (michael@ECST.CSUCHICO.EDU)
Date: Fri May 06 2005 - 23:38:35 EDT
Portnoy, Frank. 2003. Infectious Greed: How Deceit and Risk Corrupted the Financial Markets (NY: Times Books). This book covers the same subject, among other things. Quite good. On Fri, May 06, 2005 at 10:39:57AM -0700, Rakesh Bhandari wrote: > Has anyone read this yet? rb > > > (Cornell Studies in Political Economy) > by Timothy J. Sinclair > Message-ID: <427D66D2@bearmail.berkeley.edu> > Mime-Version: 1.0 > Content-Type: text/plain; charset="ISO-8859-1" > Content-Transfer-Encoding: quoted-printable > X-Mailer: WebMail (Hydra) SMTP v3.62 > > The New Masters Of Capital: American Bond Rating Agencies And The Politics Of > Creditworthiness > (Cornell Studies in Political Economy) > by Timothy J. Sinclair "Contemporary American power is obvious to the casual > observer..."=A0(more) > > > List Price: > $29.95 > > > > Editorial Reviews > > Book Description > In The New Masters of Capital, Timothy J. Sinclair examines a key aspect of > the global economy=97the > rating agencies. In the global economy, trust is formalized in the daily > operations of such firms as > Moody=92s and Standard & Poor=92s, which continuously monitor the > financial health > of bond-issuers > ranging from private corporations to local and national governments. Their > judgments affect > unimaginably large sums, approximately $30 trillion in outstanding debt > issues, according to a recent > Moody=92s estimate. The difference between an AA and a BB rating may cost > millions of dollars in interest > payments or determine if a corporation or government can even issue bonds > > Without bond rating agencies, there would be no standard means to compare > risks in the global > economy, and international investment would be problematic. Most observers > assume that the agencies > are neutral and scientific, and that they interpret their role in narrowly > economic terms. But these > agencies, by their nature, wield extraordinary power and exert massive > influence over public policy. > Sinclair offers a highly accessible account of these institutions, their > origins, and the rating processes > they use to judge creditworthiness. Illustrated with a wide range of cases, > this book offers a fresh > assessment of the role of an often-overlooked institution in the dynamics of > modern global capitalism. > > From the Inside Flap > "In this volume Timothy J. Sinclair systematically and thoroughly explores a > major but little-known > dimension of world affairs. The extensive expansion of international capital > mobility in recent years has > accorded bond-rating agencies a central place in the dynamics of globalization > and Sinclair does a > masterful job of explicating the various ways in which these new masters of > capital exercise their power > and perform their roles."=97James N. Rosenau, University Professor of > International Affairs, The George > Washington University > > "In The New Masters of Capital, Timothy J. Sinclair investigates the world of > bond rating agencies. These > private institutions have immense power, as their judgments can profoundly > affect the financial > conditions faced by corporations, cities, and countries. Their ratings can > determine whether or not poor > countries or struggling municipalities can borrow on private markets, a > consideration of profound > importance to their economic success. Sinclair explores how the bond rating > agencies function, and > how they can malfunction, as part of the broader international political > economy. The New Masters of > Capital will be interesting and informative for all those concerned to > understand the operation of > today=92s global financial markets. > > James Carville once famously said that when he was reincarnated he wanted to > come back as the bond > market, because =91then you can intimidate everyone.=92 If Carville had read > Sinclair=92s book, he would have > chosen to come back as a bond rating agency, because then he could even > intimidate the bond > market!"=97Jeffry A. Frieden, Stanfield Professor of International Peace, > Harvard University > > "Timothy J. Sinclair offers an admirably jargon-free account of bond rating > agencies. This book will be > widely read, as it is the first to systematically tackle this aspect of the > politics of economic > globalization. The New Masters of Capital makes a strong and intriguing > argument about the role of > power and authority in the social construction of knowledge in international > market settings."=97 > Kathleen McNamara, Georgetown University > > See all Editorial Reviews > > > > > Product Details > > > > Hardcover: 186 pages > > Publisher: Cornell University Press (March 1, 2005) > > ISBN: 0801443288 -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
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